M.A. in Secondary Education
The Master of Arts (M.A.) in Secondary Education at Roosevelt University is an intensiv...
M.S. in Actuarial Sciences
Chicago, Illinois
INTAKE: Jan & Aug
Program Overview
The M.S. in Actuarial Sciences at Roosevelt University is a comprehensive, two-year, in-person program delivered on the Chicago campus. It aims to equip students with the essential knowledge and skills required to pursue a career as an actuary in various sectors, including life and health insurance, property and casualty insurance, pension plans, and other employee benefit plans. The curriculum is specifically designed to prepare students for the initial professional examinations administered by actuarial societies like the Society of Actuaries (SOA) and the Casualty Actuarial Society (CAS). The program also covers the Validation by Educational Experience (VEE) requirements in economics, corporate finance, and mathematical statistics, crucial for achieving professional designations.
STEM-Designated: Yes, the M.S. in Actuarial Sciences program at Roosevelt University is STEM-designated. This designation is highly beneficial for international students, as it allows for an optional practical training (OPT) extension after graduation, providing more time to gain work experience in the U.S. and potentially pursue long-term career opportunities.
Curriculum: The curriculum is rigorous and mathematically intensive, building upon foundational knowledge in calculus and linear algebra. Core coursework typically includes advanced topics in probability and statistics, financial mathematics, and actuarial science seminars that directly prepare students for professional exams. Electives provide opportunities for specialization and may include courses in data mining, regression and time series analysis, stochastic processes, and derivatives markets. The program emphasizes practical application of theoretical concepts, ensuring graduates are well-versed in the tools and techniques used in real-world actuarial practice. Students are expected to have completed prerequisites such as Principles of Accounting, Probability Theory, and Financial Math, or they can take these courses during their first year.
Research Focus: While the M.S. in Actuarial Sciences is primarily a professional master's degree aimed at preparing students for industry roles and professional exams, Roosevelt University's broader academic environment encourages critical thinking and analytical skills that underpin research. Within the actuarial science program, the "research focus" often translates into developing strong analytical capabilities, problem-solving methodologies, and the ability to apply complex mathematical and statistical models to real-world financial risk assessment. Students engage with sophisticated data analysis and modeling techniques, which are foundational to actuarial research. Faculty members, who are often Associates of the Society of Actuaries, bring their practical experience and insights into the classroom, fostering an environment where students learn to critically evaluate and synthesize information.
Industry Engagement: Roosevelt University places a strong emphasis on connecting students with the actuarial profession. The program boasts close ties to the industry, which is a significant advantage for career development. This engagement manifests through various initiatives, including an annual actuarial career fair where students can network with local employers and recruiters. Students are encouraged to attend regional conferences and participate in industry speaker events, providing invaluable exposure to current trends and opportunities within the field. Furthermore, the program's focus on preparing students for professional exams and fulfilling VEE requirements directly aligns with industry standards and expectations, making graduates highly desirable to employers. Alumni also play an active role, often working for prominent companies such as Blue Cross and Blue Shield, Humana, Milliman, and Willis Towers Watson, and contributing to the program's strong industry connections.
Global Perspective: Roosevelt University fosters a global perspective by attracting a diverse international student population to its Chicago campus. This creates a multicultural learning environment where students from various backgrounds collaborate and share their experiences. For the M.S. in Actuarial Sciences, while the primary focus is on the actuarial profession within the U.S. context, the strong analytical and problem-solving skills acquired are globally transferable. Actuarial principles and methodologies are universally applicable, and the program's rigorous training equips graduates to pursue actuarial careers internationally. The university's support for international students, including F1 visa compliance for full-time study, further enhances its global appeal and ensures a welcoming environment for students worldwide.
Location
Chicago, Illinois
Score
IELTS 6.5
Tuition Fee
USD 18864
Postgraduate Entry Requirements
Application Fee: $42
Academic Qualifications: Applicants for postgraduate programs typically require a minimum academic achievement of 65% or above in their bachelor's degree.
English Language Proficiency:
- IELTS: Overall band score of 6.5 or 7.0 with a minimum of 6.0 in each component.
- TOEFL: Overall score of 80 or higher.
- PTE: Overall score of 55 or higher.
- DET (Duolingo English Test): Minimum score of 110.
Roosevelt University in the United States offers a variety of scholarship opportunities specifically designed for international students to support their academic journey and make higher education more affordable. These scholarships recognize academic excellence, leadership potential, and contributions to campus diversity.
Merit-Based Scholarships: International students applying to Roosevelt University are eligible for merit-based scholarships awarded based on academic achievements, standardized test scores, and overall potential. These scholarships can significantly reduce tuition costs and are automatically considered during the admissions process.
International Student Scholarship Program: Roosevelt University provides special scholarships targeted at international students, aiming to encourage a diverse and global student body. These awards vary in amount and criteria but typically recognize outstanding academic performance and community involvement.
Departmental Scholarships: Certain colleges and departments within Roosevelt University, such as the Chicago College of Performing Arts and the Walter E. Heller College of Business, offer additional scholarships for international students enrolled in specific programs. These awards may be based on talent, portfolio, or academic excellence in the field of study.
An M.S. in Actuarial Sciences from Roosevelt University provides a robust quantitative and analytical foundation, preparing graduates not only for the challenging actuarial exams but also for diverse roles across various industries where risk assessment and financial modeling are paramount. The program's strong industry connections and STEM designation further enhance career prospects.
Actuary (Life & Health Insurance): This is a core career path. Graduates work for life and health insurance companies, assessing risks associated with life insurance policies, annuities, and health benefit plans. They design products, set premiums, determine reserves, and ensure the financial stability of the insurer.
Actuary (Property & Casualty Insurance): Specializing in property and casualty (P&C) insurance, these actuaries evaluate risks related to auto insurance, home insurance, commercial property, and other non-life policies. They are crucial for pricing, reserving, and managing risk exposure for P&C insurers.
Pension Actuary/Consultant: Graduates can work for consulting firms or within large corporations, specializing in pension plans and employee benefits. They advise on the design, funding, and administration of retirement plans, ensuring their long-term financial viability and compliance with regulations.
Risk Analyst/Manager: Beyond traditional actuarial roles, graduates are well-suited for risk analysis positions in various financial institutions, including banks, investment firms, and corporations. They identify, assess, and mitigate financial risks, employing quantitative models to manage exposure to market, credit, and operational risks.
Quantitative Analyst (Quant): With their strong mathematical and statistical skills, graduates can pursue roles as "quants" in investment banks, hedge funds, and asset management firms. They develop and implement complex quantitative models for trading strategies, portfolio optimization, and derivatives pricing.
Underwriter: While actuaries set the overall pricing, underwriters assess individual applications for insurance coverage based on the risks involved. Actuarial science graduates can transition into underwriting, using their understanding of risk to make informed decisions on policy acceptance and terms.
Financial Analyst: Actuarial graduates possess excellent analytical skills applicable to broader financial analysis roles. They can work in corporate finance departments, investment banking, or financial planning, conducting valuations, financial modeling, and investment research.
Data Scientist/Analyst (with a focus on financial data): The program's emphasis on statistics, data analysis, and predictive modeling makes graduates highly competitive for data science roles, particularly those dealing with large financial datasets. They can extract insights, build predictive models, and inform business strategies.
Consultant (Actuarial or Financial): Working for consulting firms, graduates provide expert advice to clients across various industries on issues related to risk management, financial modeling, mergers and acquisitions, and strategic planning. Their analytical rigor is highly valued in a consulting environment.
Government Actuary/Analyst: Government agencies, such as those overseeing social security, public pensions, or regulatory bodies for insurance, employ actuaries and financial analysts. Graduates can contribute to policy development, financial oversight, and long-term planning for public programs.
